Southeast Asia is one of the fastest-growing regions for coffee globally. According to Euromonitor International, retail sales of coffee in the six biggest Southeast Asian economies—Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam—reached USD6.5 billion in 2019, a 6% compound annual growth rate between 2014-2019, compared to a global average of 5% over the same period. The region consumed an estimated 1.2 million tonnes of coffee through retail and foodservice channels in 2019.
In 2020, countries across Southeast Asia implemented various social distancing and lockdown measures to curb the spread of Coronavirus (COVID-19). Inevitably, economic growth in Southeast Asian economies has been impacted, albeit to varying degrees. The lockdown measures affected foodservice operations, which changed consumption behaviours and distribution as a result. In 2020, sales of coffee through foodservice declined drastically, whereas retail coffee sales continued to grow, benefiting from the shift to at-home consumption. Particularly, Singapore, Thailand, and Vietnam saw faster retail coffee sales growth in 2020 compared to 2019.
This excerpt was contributed by knowledge partner:
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